Outer Banks Real Estate Market: April 2025
| As the Outer Banks transitions into summer, the market finds itself in an intriguing state of pause. After decades of clear-cut buyer or seller conditions, the last 12 months have ushered in what Iād call a stalemate period where both sides are waiting for a decisive shift.
Market Dynamics at a Glance: ā¢Ā Reduced Buyer Activity:Ā High mortgage rates continue to keep many buyers on the sidelines, which in turn has led to increased inventory and longer days on the market.Ā Sales are currently down 7% for 2025 ā¢Ā Seller Challenges:Ā Recent sellers are constrained by flat pricing, leaving little room for negotiation, while those waiting to refinance are frustrated by persistently high rates.Ā Inventory is up 54% compared to 2024. ā¢Ā Balanced Expectations:Ā Ā Both buyers and sellers are looking for a changeābuyers anticipate more affordable entry points and sellers hope for lower rates that could spur buyer interest. What Could Swing the Market? The pendulum remains in a delicate balance, with the future direction hinging on mortgage rate movements over the next 6-9 months: ā¢Ā If Rates Stay High:Ā Continued elevated rates could lead to a further accumulation of inventory and declining sales, exerting downward pressure on prices amid heightened competition among sellers. ā¢Ā If Rates Drop to 6% or Lower:Ā A reduction in rates would likely ignite buyer activity, potentially driving up both sales volume and prices as demand surges. The market is neither distinctly favoring buyers nor sellersāitās a waiting game. Which way will it go? The next 3 months should give us some insight into which direction we are headed. Mortgage Update: According to local lenders, 2nd home mortgage rates have hit 7% to 7.5% with Jumbo loan rates around 6.5 to 7%. ARM’s (adjustable-rate mortgages) are starting to gain favor with buyers as they offer some of the lowest rates and will continue to adjust down when rates go lower. Time to start your search? Schedule a time to see the options firsthand and find your ideal home or rental property. Canāt make the trip down just yet? Stay up to date with the Outer Banks real estate market by signing up for aĀ Listing ManagerĀ account or receivingĀ Market Reports. These tools will keep you informed on market trends and help you refine your search. For a personalized touch, share your search criteria, and Iāll create an automatic email search tailored to your preferences. Want to Sell Your Outer Banks Property If youāre considering selling your houseāor know someone who mightāDiscover your propertyās value today with a *Free Home Valuation* to help set the right price and attract more interest from serious buyers. Overpricing may deter potential buyers, leading to extended market time and possibly affecting the final sale price. Trust a Proven Realtor with Your Outer Banks Real Estate Needs With over two decades of experience, Matt ranks in the top 7% of all Outer Banks Realtors for total sales volume and the number of houses sold since 2003. His expertise and dedication make the selling process smooth and successful. Ready to take the next step?Ā Contact MattĀ today and start your journey toward sellingāor buyingāyour dream Outer Banks property. Is there something you want to see added to the monthly real report?? Different stats? More info about the OBX? Anything? Let me know I will be happy to try and add it to next month’s report. |
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